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The EUR/USD took a breather after rising to around 1.0559 in early trading on Monday.
ECB President Christine Lagarde said that the European Central Bank is paying attention to inflation risks from energy prices and the Israel-Hamas conflict.
The New York Empire State manufacturing index fell to 4.6 in October from 1.9 in the previous month, which was better than expected.
Investors will be looking to the October ZEW Economic Sentiment and U.S. Retail Sales for fresh trading impetus.
The EUR/USD cross consolidated its recent gains in early Asian trading on Tuesday. Market participants are awaiting the release of the October ZEW Economic Sentiment for the Eurozone, which is expected to improve from -8.9 to -8.0. The EUR/USD is currently trading around the 1.0559 level, down 0.02% for the day.
European Central Bank (ECB) President Christine Lagarde told Euro-Zone finance ministers that the ECB is paying attention to inflationary risks posed by energy prices and the Israel-Hamas conflict. At the same time, European Central Bank Chief Economist Philip Lane said in an interview that the European Central Bank is taking longer than the Federal Reserve to make a decision to raise interest rates due to a number of factors. Ryan went on to say that the ECB will keep rates high until inflation returns to 2%, but that could take some time.
Economic data on Monday showed that Germany’s producer price index rose 0.2% on the month in September, below expectations for a 0.3% increase. Germany’s producer price index registered an annualized rate of -4.1% in September, compared to -2.7% in the previous month.
In the United States, many Federal Reserve (FED) officials, including Chicago Fed President Austan Goolsbee and Philadelphia Fed President Patrick Harker, have maintained a dovish stance. Harkel said on Monday that the Fed should not put new pressure on the economy by raising borrowing costs. Harkel also said the Fed should keep interest rates steady in the
